Crescent Gold (ASX: CRE, TSX: CRA) directors have unanimously recommended shareholders accept the Focus Minerals (ASX: FML) off market takeover offer in a target statement.
The target statement stated that the directors of Crescent, and the company's largest shareholder, each intend to accept the offer, in the absence of a superior proposal.
Focus is offering one share for every 1.18 Crescent shares in the offer, which is conditional on a minimum acceptance of 90%.
Focus has received a pre bid agreement in favour of Focus for 19.9% of Crescent from Deutsche Bank group.
The merger will make Focus one of Australia’s top five gold producers with a 230,000 ounce production target in 2012 from multiple open pit and underground operations.
The combined group will have a JORC Resource inventory of 4.3 million ounces of gold.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17521/crescent-gold-directors-recommend-focus-minerals-takeover-in-target-statement-17521.html
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